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Jan 21, 2013
01/13
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KQED
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it is the congress decides how big the deficit will be but the president has to work with congress. we need more revenue and we need to drive down spending. i think the president understands that and he is working on this but he cannot do this alone. >> looking forward to the next four years, do you see an america that is retreating? >> i see an american -- an america that is moving to asia. the america they are focusing on asia but have not forgotten about europe and our new allies, and this is an america that is still concerned about issues in the middle east and other parts of the world. but america cannot do everything for everybody. if you think america will become isolationist, that will not happen. >> the world has such high expectations for this president. his single biggest problem was said to be high expectations. >> does any politician ever meet all of the campaign expectations. you come in with an agenda and you do the best that you can. you will succeed on some issues and you will not succeed and there will be a tie on some issues. and the president understands with the
it is the congress decides how big the deficit will be but the president has to work with congress. we need more revenue and we need to drive down spending. i think the president understands that and he is working on this but he cannot do this alone. >> looking forward to the next four years, do you see an america that is retreating? >> i see an american -- an america that is moving to asia. the america they are focusing on asia but have not forgotten about europe and our new...
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Apr 14, 2013
04/13
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CSPAN
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our deficits are already falling. over the past two years, i've signed legislation that will reduce our deficits by more than $2.5 trillion, more than 2/3 of it through spending cuts, and the rest through asking the wealthiest americans to be paying their fair share. that doesn't mean we don't have more work to do, but here's how we finish the job. my budget will reduce our deficits by nearly another $2 trillion so that all told we will have surpassed the goal of $4 trillion in deficit reduction that independent economists believe we need to stabilize our finances, but it does so in balanced and responsible way, a way that most americans prefer. both parties, for example, agree that the rising costs of caring for an aging generation is the single biggest driver of our long-term deficits. and the truth is for those like me who deeply believe in our social insurance programs think it's one of the core things that our government needs to do if we want to keep medicare working as well as it has, and we want to preserve th
our deficits are already falling. over the past two years, i've signed legislation that will reduce our deficits by more than $2.5 trillion, more than 2/3 of it through spending cuts, and the rest through asking the wealthiest americans to be paying their fair share. that doesn't mean we don't have more work to do, but here's how we finish the job. my budget will reduce our deficits by nearly another $2 trillion so that all told we will have surpassed the goal of $4 trillion in deficit...
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Jan 9, 2013
01/13
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CSPAN
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eye 94
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that obviously exacerbated our deficits. and then, since then they've been coming down under president obama. he is very serious about responsible deficit reduction. he has signed into law significant deficit reduction already. but he insists that we do it in a balanced way because he does not believe it is fair to ask only some sectors of the population -- seniors, children who have disabled parents, kids who are just trying to go to college -- to bear the burden alone of the kinds of choices that we need to make. and so thats why he hopes to engage congress -- republicans and democrats alike -- in a process that leads to more deficit reduction that includes the kind of balance that was enshrined in the agreement recently reached over the fiscal cliff. >> in the past, when you've been asked what leverage he would have since he's not going to negotiate with them, you've pointed to the business community in the hopes that they would bring some pressure to bear on republicans. do you see that happening? are you satisfied -- >>
that obviously exacerbated our deficits. and then, since then they've been coming down under president obama. he is very serious about responsible deficit reduction. he has signed into law significant deficit reduction already. but he insists that we do it in a balanced way because he does not believe it is fair to ask only some sectors of the population -- seniors, children who have disabled parents, kids who are just trying to go to college -- to bear the burden alone of the kinds of choices...
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Jan 31, 2013
01/13
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CSPAN2
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eye 89
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we would still have a small deficit, and this would be positioning the deficit to get to barks becaus balance, because relatively small. if enacted, the result is about $3 trillion in savings over the next decade. this is roughly consistent with what other groups have talked about, the simpson-bowles commission and others. given the $34 trillion in projected spending over the next decade, this $3 trillion should not be too much to ask. simply limiting spending growth to about 3% per year would accomplish this same result. so that's slings what's being required -- so that's essentially what's being required here, when you say there will be a dollar-for-dollar reduction. the result is by 2022, the deficit will fall to less than 1% of g.d.p., very close to balance. the debt would be declining as well and declines to the point where, according to the simpson-bowles commission and others, you would be 60%-some of the economy, which many view as having stablized our debt. it actually declines by about 19 points as a percent of the economy from where it is at its peak in terms of our debt. s
we would still have a small deficit, and this would be positioning the deficit to get to barks becaus balance, because relatively small. if enacted, the result is about $3 trillion in savings over the next decade. this is roughly consistent with what other groups have talked about, the simpson-bowles commission and others. given the $34 trillion in projected spending over the next decade, this $3 trillion should not be too much to ask. simply limiting spending growth to about 3% per year would...
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Feb 13, 2013
02/13
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CSPAN2
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deficit reduction alone is not an economic plan. [applause] president obama: a growing economy that creates good middle class jobs, that must be the north star that guides our effort. [applause] president obama: every day, we should ask ourselves three questions as a nation: how do we attract more jobs to our shores? how do we equip our people with the skills they need to get those jobs? and how do we make sure that hard work leads to a decent living. a year and a half ago i put forthan american jobs act that independent economists said would create more than one million new jobs, and i thank the last congress for passing some of that agenda. i urge this congress to pass the rest. [applause] president obama: but tonight i'll lay out additional proposals fully paid for and fully consistent with the budget framework both party as i greed to 18 months ago. let me repeat. nothing i'm proposing should increase our deficit by a single dime. it is not a bigger government we need but a smarter government that sets priorities and invests in
deficit reduction alone is not an economic plan. [applause] president obama: a growing economy that creates good middle class jobs, that must be the north star that guides our effort. [applause] president obama: every day, we should ask ourselves three questions as a nation: how do we attract more jobs to our shores? how do we equip our people with the skills they need to get those jobs? and how do we make sure that hard work leads to a decent living. a year and a half ago i put forthan...
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Feb 9, 2013
02/13
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CSPAN
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based on current law which showed much smaller deficits. long-term rates are higher in than we had in this country and that also reflects the higher amount of debt, federal debt relative to g.d.p. than we have had over the past several decades. >> "washington post.? -- "washington post." thinking about how we should view the budget battles over the last two years. we are stabilizing debt at a much higher level. to what extent is that a result of decisions that were made by lawmakers and to what extent that is the underlying recovery in the economy? >> both factors and we have not tried to quantify them. one can look at our projections over the past several years and basically add up each successive revision, so every time we release new budget projections, we report the revisions and we divide them into the effects of economic forecasts and changes to other technical revisions. if one stacked all those up, one can get a sense about how much the debt has changed or the deficit has changed for any given year relative to any particular path pr
based on current law which showed much smaller deficits. long-term rates are higher in than we had in this country and that also reflects the higher amount of debt, federal debt relative to g.d.p. than we have had over the past several decades. >> "washington post.? -- "washington post." thinking about how we should view the budget battles over the last two years. we are stabilizing debt at a much higher level. to what extent is that a result of decisions that were made by...
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Mar 20, 2013
03/13
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MSNBCW
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eye 89
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secondarily, if you say deficit reduction, the partisan are leeched out. we are talking about whether it will work to balance the budget. if along the way 35 million become uninsured, that's sad but we don't talk about it because cbo didn't mention it in the score. that's the great trick of paul ryan to recognize if you only talk about budget deficit, where does your budget put the deficit 20, 30 years from now, the amount of things you sneak in under that cloak that you can never put into the conversation in a serious way in normal times is tremendous. that's the central political innovation of his career. >> the favorite thing in the accounting discussion is compare the government to a family, saying you couldn't -- well, families do run debt, they cannot afford to buy their houses for cash, so they have a thing called a mortgage, which is the national debt of the family in effect. they try to oversimplify everything in this, but is there some break through in this point of republicans saying you know what, the debt isn't such a serious problem? >> there
secondarily, if you say deficit reduction, the partisan are leeched out. we are talking about whether it will work to balance the budget. if along the way 35 million become uninsured, that's sad but we don't talk about it because cbo didn't mention it in the score. that's the great trick of paul ryan to recognize if you only talk about budget deficit, where does your budget put the deficit 20, 30 years from now, the amount of things you sneak in under that cloak that you can never put into the...
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Feb 15, 2013
02/13
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MSNBCW
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he thinks consumption and growth are the way to grow the economy out of the deficit. he has not made that argument because it isn't palettable politically. >> in fairness, if you look at even some of the serious deficit hawks, i suspect you align with bowl simpson. >> they say that what we really need is short-term stimulus, long-term deficit reduction. there isn't as much of a differential here as it's made out to be. >> i am co-chair with judd gregg to fick the debt, and you're right. what we're not grasping is this should be significant short-term investment and long-term deficit reduction. deficit reduction that is good for the second ten years or maybe the third ten years, and the only way to do that, the only way to do that is serious entitlement reform. >> but the sequester cuts by this year hit the economy this year. >> what i'm saying is they'll kick the can down the road and avoid the sequester. that's my prediction. >> you think they're going to avoid a sequester? >> not with the senate plan because i can't see the republicans voting for that. >> tax increa
he thinks consumption and growth are the way to grow the economy out of the deficit. he has not made that argument because it isn't palettable politically. >> in fairness, if you look at even some of the serious deficit hawks, i suspect you align with bowl simpson. >> they say that what we really need is short-term stimulus, long-term deficit reduction. there isn't as much of a differential here as it's made out to be. >> i am co-chair with judd gregg to fick the debt, and...
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dollars is going to every single year has nothing to do with our deficit or should be taught no no no no and in fact i thought you were spot on when you were saying earlier you know about the fact that the if that the effect that the defense spending has on the economy obviously you know we have to look at it obviously there are things that can be cut but the idea that we don't meet the capability to protect ourselves and to protect our friends is absurd and remember too and i know you want to make another point the most expensive thing is peace. who are irreplaceable you take a sergeant who's been in for fifteen twenty years or you take a navy seal or any of these people that we've trained and they're ready to go you can't replace them the way you can replace a tank and they're probably fifty sixty percent of our defense budget i would say that the best thing to do is not put them in a situation where we're going to have to replace them james. i think this is you know i wasn't expecting to agree with neal but i think you know we're good friends yeah you know we need to spend smarter
dollars is going to every single year has nothing to do with our deficit or should be taught no no no no and in fact i thought you were spot on when you were saying earlier you know about the fact that the if that the effect that the defense spending has on the economy obviously you know we have to look at it obviously there are things that can be cut but the idea that we don't meet the capability to protect ourselves and to protect our friends is absurd and remember too and i know you want to...
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Jan 12, 2013
01/13
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CSPAN
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we have to grow our economy entering our deficit. we need to great new jobs and boost family incomes. we have to protect our planet from the destructive effects of climate change. we need to protect our children from the horrors of gun violence. these will be difficult goals for america, but they must be met. if we could have the fraction of the termination of the men and women in, i know that we can meet them. i tend to work hard to make sure that we can. thank you. >> hello. i'm proud to represent the state of nebraska in the u.s. senate. i have traveled thousands of miles all across nebraska meeting with leaders and citizens to learn about their views and share my position on issues. during that time, i heard a single message over and over again -- washington must cut out of control spending. i agree. the american people are right to expect more accountability from their government. i recently saw a poll that three out of four americans support spending cuts across the boards. these hard-working taxpayers are tired of petty battle
we have to grow our economy entering our deficit. we need to great new jobs and boost family incomes. we have to protect our planet from the destructive effects of climate change. we need to protect our children from the horrors of gun violence. these will be difficult goals for america, but they must be met. if we could have the fraction of the termination of the men and women in, i know that we can meet them. i tend to work hard to make sure that we can. thank you. >> hello. i'm proud...
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Jan 2, 2013
01/13
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WUSA
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the fact is that the deficit is still too high. and we are still investing too little and the things that we need for the economy to grow as fast as it should. and that's why speaker boehner and i originally tried to negotiate a larger agreement that would put this country on a path to paying down its debt while also putting americans back to work, rebuilding our roads and bridges, and providing investments in areas like education and job training. unfortunately there was not enough support or time for the large agreement in the laying duck session of congress. and that failure will come with a cost as the messy nature of the process over the past several weeks, they have made the business more uncertain and consumers less confident. but we are continuing to chip away at this problem, step by step. last year i signed into law about $1.7 trillion in the deficit reduction. it further reduces the deficit by raising $226 billion from the wealthiest households in america and there will be more deficit reduction as congress, they decide
the fact is that the deficit is still too high. and we are still investing too little and the things that we need for the economy to grow as fast as it should. and that's why speaker boehner and i originally tried to negotiate a larger agreement that would put this country on a path to paying down its debt while also putting americans back to work, rebuilding our roads and bridges, and providing investments in areas like education and job training. unfortunately there was not enough support or...
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hawk yessiree or huge deficit a huge deficit how can you possibly say that enormous defense budget in which opens of a trillion dollars is going to every single year has nothing to do with our deficit or should be told you're going to do so now and in fact i thought you were spot on when you were saying earlier you know about the fact that the if that the effect that the defense spending has on the economy obviously you know we have to look. at it obviously there are things that can be cut but the idea that we don't need the capability to protect ourselves and to protect our friends is absurd and remember too and i know you want to make another point the most expensive thing is people who are irreplaceable you take a sergeant who's been in for fifteen twenty years if you take a navy seal or any of these people that we've trained and they're ready to go you can't replace them the way you can replace a tank and they're probably fifty sixty percent of our defense budget i would say that the best thing to do is not put them in a situation where we're going to have to replace that james so
hawk yessiree or huge deficit a huge deficit how can you possibly say that enormous defense budget in which opens of a trillion dollars is going to every single year has nothing to do with our deficit or should be told you're going to do so now and in fact i thought you were spot on when you were saying earlier you know about the fact that the if that the effect that the defense spending has on the economy obviously you know we have to look. at it obviously there are things that can be cut but...
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90
Aug 19, 2013
08/13
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CSPAN
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eye 90
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in your mind as the deficit shrinking or growing? the deficit is shrinking. the cbo is projecting a deficit of $641 billion. it is just a coincidence that that has happened. that is compared to what? it is these lines. we sometimes get hung up on that in washington. look at where the deficit was last year and this year, it is coming down. if you look at our debt, that continues to grow. if the deficit grows faster than the economy, then the at will grow faster than the economy. what we need to do is make sure that the deficit is not growing faster than the economy and that will stabilize the growth of the debt to gdp and eventually would bring it down if we continue to lower the deficit. is that thefficult economy is still very slow and still very sluggish. classic economic theory is that you do not want to cut the deficit by two much in a slow economy because government spending and lower taxes help .he economy the trade-off is it does keep the deficit high and that grows the debt. term it isnger hurting but in the short term it is helping. host: a question
in your mind as the deficit shrinking or growing? the deficit is shrinking. the cbo is projecting a deficit of $641 billion. it is just a coincidence that that has happened. that is compared to what? it is these lines. we sometimes get hung up on that in washington. look at where the deficit was last year and this year, it is coming down. if you look at our debt, that continues to grow. if the deficit grows faster than the economy, then the at will grow faster than the economy. what we need to...
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Dec 23, 2013
12/13
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CSPAN
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eye 77
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the deficit is falling by a third because we took difficult decisions. today for the first time in our history there are 30 million people in our country in work. the fact is at the end of this year we have a recovery they can't explain growth they said would never come and jobs they said would never happen and they have an economic policy that doesn't add up. that is why the british people will never trust labor with the economy again. >> thank you, mr. speaker. >> order. we will have to get going a bit longer longer. the right honorable gentleman will be heard. >> will the prime minister join with me in welcoming the fact investment in our north sea i'm and gas will reach a record 14 billion pounds accounting for an unemployment rate of just .7% in my constituency. but is he aware that we need collaboration between government and industry to unlock three to four billion bierles of oil worth 200 billion pounds that would otherwise be left under the sea? >> my friend makes a important report which is the wood report is excellent and we look to put that i
the deficit is falling by a third because we took difficult decisions. today for the first time in our history there are 30 million people in our country in work. the fact is at the end of this year we have a recovery they can't explain growth they said would never come and jobs they said would never happen and they have an economic policy that doesn't add up. that is why the british people will never trust labor with the economy again. >> thank you, mr. speaker. >> order. we will...
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Mar 1, 2013
03/13
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KRCB
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eye 112
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but it's also true that down the road the deficit is going to kill us. now that doesn't mean you have to balance the budget today. we're not a small country. we are something different. but it's also not the same as your household. >> one of the ironies is people are willing to take our debt up to a higher level of gdp than most countries because we've been so well run. we have been responsible. and so as they see more and more dysfunction, their threshold for how they think we're going to handle this debt might change. so it's not a near term or even a midterm problem. and as krugman would say, you don't want to cut government spending too drastically. but if you want to fix medical care costs, a lot of the solutions that will created willnly kick in over a ten year period. so it's not too soon. >> the aarp was complaining somebody proposed raising an age in 2050 and they said their members are going to get hurt. how many members -- which i am a member. i hope to be around in 2050 and find out. >> it's not going to happen. >> the other thing about focus
but it's also true that down the road the deficit is going to kill us. now that doesn't mean you have to balance the budget today. we're not a small country. we are something different. but it's also not the same as your household. >> one of the ironies is people are willing to take our debt up to a higher level of gdp than most countries because we've been so well run. we have been responsible. and so as they see more and more dysfunction, their threshold for how they think we're going...
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Jan 13, 2013
01/13
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CSPAN
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we need to reduce the deficit. but, if we are going to grow the economy and get people back to work, we must invest in the future. i wanted to acknowledgement fact that the budget does reduce the deficit by $1.10 trillion. that is real money for most of us. and it is not easy to get there. bringing fiscal stability to the nation in 2017, her primary balance, none of this is easy. the budget does make strategic investments in the future. for many of us in our districts across the country, the focus on energy and evasion of education and infrastructure is important. every business i talked to said to me that we need, we look at, or locate incentives for innovation. do we have what we need to move our products and work force? is there an educated work force? they want to know -- and it starts with -- where is the infrastructure and advantage for innovation? i think we need to talk about that, because otherwise we're just looking at slash and burn, cut spending right now. the budget deficit commission said not a good i
we need to reduce the deficit. but, if we are going to grow the economy and get people back to work, we must invest in the future. i wanted to acknowledgement fact that the budget does reduce the deficit by $1.10 trillion. that is real money for most of us. and it is not easy to get there. bringing fiscal stability to the nation in 2017, her primary balance, none of this is easy. the budget does make strategic investments in the future. for many of us in our districts across the country, the...
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Oct 29, 2013
10/13
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CSPAN2
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eye 79
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he had the deficit down. he taunt the deficit down. it was down to less than 3% of gdp which is a manageable level. it shot back up under george george h.w. bush and bush never brought the growth id yop the concept reagan brought. growth has deposit to be the key. there's enough growth you can deal with the deficit problem. that is the reagan lesson certainly lost by the people who look down on reagan in his term. but lost on a lot of people including cheney, i believe, who basically became cavalier about deficit. i don't think that's very smart. to take deficit as the focus is is also not smart. >> i would agree with that. taken out of context which they came in to a time of a deficit was significantly lower than it is today. and he was saying basically what reagan did. growth is the important thing. you know, years ago, milton took the position because of the nature of the two parties one promising the other things and the other -- that what the republicans ought to do or the conservatives ought to do. this is back in the 'out of and
he had the deficit down. he taunt the deficit down. it was down to less than 3% of gdp which is a manageable level. it shot back up under george george h.w. bush and bush never brought the growth id yop the concept reagan brought. growth has deposit to be the key. there's enough growth you can deal with the deficit problem. that is the reagan lesson certainly lost by the people who look down on reagan in his term. but lost on a lot of people including cheney, i believe, who basically became...
66
66
Apr 11, 2013
04/13
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MSNBCW
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eye 66
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he says he's already cut the deficit and has more than met the republicans halfway. he's doing his job. the question for republicans, how do they agree to higher taxes and a grand bargain? it's a tough one for them but they got to do it or nothing's going to get done. they keep saying if obama proposes, we oppose it. that's helpful. >>> look who's trying to make a comeback. anthony weiner. two years after humiliating himself with that twitter scandal, he's eyeing, believe it or not, the mayor's office in new york. >>> mitch mcconnell has spun that campaign strategy tape about ashley judd being emotionally unbalanced into a story in which, oh, poor mitch, he's the victim. worse yet, the press is buying it. look at the papers today. we'll show you the terrible headlines. they fell for mitch. >>> finally, you can watch as rand paul attempts to convince the african-american students at the great howard university today that he's really on their side. this is "hardball," the place for politics. she knows you like no one else. and you wouldn't have it any other way. but yo
he says he's already cut the deficit and has more than met the republicans halfway. he's doing his job. the question for republicans, how do they agree to higher taxes and a grand bargain? it's a tough one for them but they got to do it or nothing's going to get done. they keep saying if obama proposes, we oppose it. that's helpful. >>> look who's trying to make a comeback. anthony weiner. two years after humiliating himself with that twitter scandal, he's eyeing, believe it or not,...
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Jan 13, 2013
01/13
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CSPAN
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jobs deficit. and to me this bill simply put a band aid on the problem. it did do something the president wanted to do, committed to do. he delivered on the promise to try to help protect the middle class but my fear is that in these next 3 -- three political maneuvers we're going to see that people will start attacking the middle class and i believe that this was our best opportunity to really take care long term the issues that we need to address to a balanced approach. >> so to follow up, you voted early, i was watching the board. you voted early. you didn't vote to see if it was going to pass and then vote no. was the idea that obama kind of lost some leverage there that you wanted to see it fail because obama now has to go back to the debt ceiling and he doesn't have the benefit of tax cuts looming? >> i knew it was going to pass. after the republicans walked away from the negotiations and then tried to plan b by speaker republican speaker bane thear failed where republicans wouldn't support t
jobs deficit. and to me this bill simply put a band aid on the problem. it did do something the president wanted to do, committed to do. he delivered on the promise to try to help protect the middle class but my fear is that in these next 3 -- three political maneuvers we're going to see that people will start attacking the middle class and i believe that this was our best opportunity to really take care long term the issues that we need to address to a balanced approach. >> so to follow...
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Feb 13, 2013
02/13
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WTTG
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eye 66
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his proposals would increase the deficit by a dime. however, he did not say exactly how many of these proposals would be paid for. we'll have more throughout the morning. back to you. -- he said that none of his proposals would increase the deficit by a dime. >>> one of the things that the president talked about was sequestration. >> local lawmakers were quick to react with the republicans saying the president was not specific enough. >> i think the president has been prepared, has offered a balanced solution to meet the sequester. i think he reitsated it should not go into effect and an awful lot of republicans who say the sequester is an alternative we're not prepared to take. we've been in session now some six weeks. not one bill have the republicans put on the floor of the house to avoid sequestration j we need a plan, we need leadership to make sure the sequester set aside. that has to happen. i was disappointed i didn't hear the specifics tonight from the president on how we were going to do that. >>> making headlines this mornin
his proposals would increase the deficit by a dime. however, he did not say exactly how many of these proposals would be paid for. we'll have more throughout the morning. back to you. -- he said that none of his proposals would increase the deficit by a dime. >>> one of the things that the president talked about was sequestration. >> local lawmakers were quick to react with the republicans saying the president was not specific enough. >> i think the president has been...
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Oct 30, 2013
10/13
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CSPAN
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eye 71
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our deficit is growing. our spending is increasing, and it seems in nearly every budget battle our military is thrown in as a bargaining chip. this is not the american way, and it must become the thing of the past. other government agencies have bloated budgets with wasteful overlapping programs, fraudulent spending and blatant abuses of taxpayer dollars. all the while our military budget is being stripped to the bear bones. last -- bare bones. last time i checked, mr. speaker, is we are a nation at war. we must not gut essential programs for our warriors and their families. we must have them operate under regular order, passed in conference appropriations bills so our military can be the most prepared in the world. texas 25th district is home to for the hood, one of the largest -- fort hood, one of the largest military installations in the world. they can sustain more than 50,000 soldiers approximate approximate and their families. -- soldiers and their families. i ask to put an end to the financial uncerta
our deficit is growing. our spending is increasing, and it seems in nearly every budget battle our military is thrown in as a bargaining chip. this is not the american way, and it must become the thing of the past. other government agencies have bloated budgets with wasteful overlapping programs, fraudulent spending and blatant abuses of taxpayer dollars. all the while our military budget is being stripped to the bear bones. last -- bare bones. last time i checked, mr. speaker, is we are a...
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54
Mar 1, 2013
03/13
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CSPAN2
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eye 54
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what was a tiny deficit last year? >> -- what was the united states deficit last year? >> i have it right here. it was $1.09 trillion. >> and what is, what was her total national debt for last year? or currently? >> about 11 trillion spee-1 does our current total national debt this year? >> it's currently about 11.5 trillion. i would have to check spirit not 16 and a half trillion? >> that includes intergovernmental debt like the social security trust fund. but debt held by the public as opposed to do till between different parts of the government is about 11 and a half trillion speak so you're saying that it is 11 and after income and what are the unfunded net liabilities? >> they are very large, particularly in the medicare area but i don't have a number, but they're probably some greater than the actual official debt held by the public. and how much debt do we buy every day from the treasury, from the federal reserve? >> every day? about one and a half billion. >> about one and a half billion. so is it true that without the fed purchases of our debt from the treasury
what was a tiny deficit last year? >> -- what was the united states deficit last year? >> i have it right here. it was $1.09 trillion. >> and what is, what was her total national debt for last year? or currently? >> about 11 trillion spee-1 does our current total national debt this year? >> it's currently about 11.5 trillion. i would have to check spirit not 16 and a half trillion? >> that includes intergovernmental debt like the social security trust fund....
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Mar 20, 2013
03/13
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on the jobs deficit to help deal with the budget deficit. now, we also reduce the deficit in a steady, sustained way. we do it with balance. we do it with targeted cuts, but we also do it, mr. chairman, by eliminating some of the tax breaks and tax expenditures for very high-income individuals. we heard from governor romney and we heard from the chairman of the budget committee last fall and this year that there are trillions of dollars of tax expenditures that disproportionately benefit very wealthy people. so the republican plan, they said we'll get rid of your tax expenditures for high-income people, but we'll bring down your top rate. so in the end the folks at the top get a very big windfall. we say let's eliminate some of those tax breaks for very wealthy people in order to help reduce our deficit, so when you combine that savings with targeted cuts, you can reduce it in a balanced way rather than increasing the tax burden on the middle class which is what their budget will do. we also want to make sure we keep our commitments to our s
on the jobs deficit to help deal with the budget deficit. now, we also reduce the deficit in a steady, sustained way. we do it with balance. we do it with targeted cuts, but we also do it, mr. chairman, by eliminating some of the tax breaks and tax expenditures for very high-income individuals. we heard from governor romney and we heard from the chairman of the budget committee last fall and this year that there are trillions of dollars of tax expenditures that disproportionately benefit very...
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Oct 29, 2013
10/13
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adding to this sea of red trade deficit ink. we were told that america would actually level the playing field in the field of automotive trade if we passed the korean free trade deal. i didn't vote for it. but guess what? since the korean agreement took effect, u.s. exports of motor vehicles to korea have gone up monthly by, guess what? how much? 44 cars. 44 cars. that's it. at the same time, guess how many more cars the koreans are shipping in here? 20,000. . all told they have imported over a million cars to the united states. these really big bars here since the agreement took effect. meanwhile, we have only exported 34,000. 34,000. that's a 44: 1 advantage on korea's side. why model the new t.p.p. on that agreement? it isn't working. the sad thing is the american people have been told these same free trade agreements for the past century, past quarter centuries, all the lies contained in them have been a sea of red inc. that's costing s -- red ink that's costing us jobs. mr. speaker, it's time for congress to stop these bad
adding to this sea of red trade deficit ink. we were told that america would actually level the playing field in the field of automotive trade if we passed the korean free trade deal. i didn't vote for it. but guess what? since the korean agreement took effect, u.s. exports of motor vehicles to korea have gone up monthly by, guess what? how much? 44 cars. 44 cars. that's it. at the same time, guess how many more cars the koreans are shipping in here? 20,000. . all told they have imported over a...
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Jan 2, 2013
01/13
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plenty of critics who say congress failed in efforts to reach a deal that was a threat -- threat to deficit spending. >> critics complained the last- minute deal could be summed up like this -- raised payroll taxes for everyone, or let's just wait for everything else. >> this is a new day and not a bright day. it was very much a small ball. was kicking the can down the road. the problem is each time you kick the can, it gets heavier. >> when virginia democrat voted against the deal, saying it did not do enough to help the middle class. last night, president obama conceded he was supporting deal only after failing to get a bigger and better agreement. >> the fact is, the deficit is still too high and we're still investing too little in the things we eat. >> as congress prepares for another showdown over the debt ceiling, conservatives are criticizing the deal. a coalition of business and public leaders pushed hard for a deal to grow the economy. >> they can't solve these problems ahead of time and when they get the deal, it's not even a real deal. >> house speaker john boehner laurence state
plenty of critics who say congress failed in efforts to reach a deal that was a threat -- threat to deficit spending. >> critics complained the last- minute deal could be summed up like this -- raised payroll taxes for everyone, or let's just wait for everything else. >> this is a new day and not a bright day. it was very much a small ball. was kicking the can down the road. the problem is each time you kick the can, it gets heavier. >> when virginia democrat voted against the...
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Feb 9, 2013
02/13
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this deficit was not caused by our federal work force. you are not responsible for their deficit. [applause] >> we could talk about the policies of going to war and how we pay for it, etc. but we have these large deficits and we need to deal wit. let me bring you up to date because the last time i was here was a little over a year ago and we were talking about the budget control act and how we had to deal with this deficit and how we were going to bring down discretionary domestic spending and how we were going to deal with longer term solution that is required to us deal with revenues and mandatory spending and i ask your understanding as we pass the budget control act. and at the we were analyzing a recommendation that came out of a presidential commission known as the boles simpson commission. that commission said we had to reduce the deficit by $4 trillion or $5 trillion to have sustainable growth in our country. take a minute and look at the progress that we've made since that last visit. simpson bowles which was generally recognized as a balanced approach, a bipartisan appro
this deficit was not caused by our federal work force. you are not responsible for their deficit. [applause] >> we could talk about the policies of going to war and how we pay for it, etc. but we have these large deficits and we need to deal wit. let me bring you up to date because the last time i was here was a little over a year ago and we were talking about the budget control act and how we had to deal with this deficit and how we were going to bring down discretionary domestic...
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Sep 1, 2013
09/13
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liquidity will dry up, as far as india is concerned, the incoming capital flow will target our trade deficit, so this is going to be a problem, and that is the reason why we have seen the following rupee as a result. >> the indian government is exploring structural measures to narrow the deficit. the finance minister said there is no plan to introduce capital control. the minister said that the rupee is undervalued and has overshot appropriate levels while asserting there is no need for excessive and unwarranted pessimism. the reserve bank says it has adequate foreign exchange reserves to deal with the declining rupee. >> growth slowed down to five percent in 2012-20 13, and we expect that the growth trend will remain flattish in the first quarter. even so, we are in better health than many other countries of the world. therefore, there's no reason for excessive or unwarranted pessimism. we expect that growth will pick up in the second through fourth quarters. >> barclays cut its forecast of india's fiscal year 2013-2014 account deficit and said the country may be able to almost fully fund t
liquidity will dry up, as far as india is concerned, the incoming capital flow will target our trade deficit, so this is going to be a problem, and that is the reason why we have seen the following rupee as a result. >> the indian government is exploring structural measures to narrow the deficit. the finance minister said there is no plan to introduce capital control. the minister said that the rupee is undervalued and has overshot appropriate levels while asserting there is no need for...
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Feb 13, 2013
02/13
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deficit reduction alone is not an economic plan. a growing economy that creates good, middle class jobs, that must be the north star that guides our efforts. gabby giffords deserves a vote. the families of newtown deserve a vote. the families of aurora deserve a vote. >> fox 5's tom fitzgerald is live with reaction to the president's address. tom. >> good evening. as you might expect, already party lines are seeping in to how both sides view this speech. democrats are saying that what the president had to say was far reaching and in many times, made the mark. republicans quickly will tell you they saw this address by the president tonight long on talk and short on specifics. you just heard it a moment ago, the president laying out his package for job creation. but that was hardly the only topic the president touched on tonight. education was a main center piece of this speech tonight. the president laying out education as the corner stone. on foreign affairs, he admonished north korea and talked about having the number of u.s. troop
deficit reduction alone is not an economic plan. a growing economy that creates good, middle class jobs, that must be the north star that guides our efforts. gabby giffords deserves a vote. the families of newtown deserve a vote. the families of aurora deserve a vote. >> fox 5's tom fitzgerald is live with reaction to the president's address. tom. >> good evening. as you might expect, already party lines are seeping in to how both sides view this speech. democrats are saying that...
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Nov 6, 2013
11/13
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ALJAZAM
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so the $300 million deficit is a deficit that the state, under corbett and other governors, have created. so what we have here, the governor, i think, we saw that this in a poll that they secretly took, that they wanted to bring the deficit that they created on the teachers, who already get paid 20% less than the teachers in the suburbs. >> randy is chiming in: david says: we have a high school student, and listen, you're the one living through this every day, and talk to us about how these cuts affect you in your daily life as a student . >> they should be filling out college applications, and we have like 1,000 students in our school with one councilor. and she's a very good councilor, but there are so many students at one school, she can't get to everyone like she wants to, but she's trying her hardest. and the crowded hallways, it's impossible. because of the budget cuts, -- >> do you see a disproportionate students? >> oh, most definitely. if you look at the statistics in the city, the children who go to school in philadelphia are much more diverse than the children growing up in th
so the $300 million deficit is a deficit that the state, under corbett and other governors, have created. so what we have here, the governor, i think, we saw that this in a poll that they secretly took, that they wanted to bring the deficit that they created on the teachers, who already get paid 20% less than the teachers in the suburbs. >> randy is chiming in: david says: we have a high school student, and listen, you're the one living through this every day, and talk to us about how...
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the fact is, the deficit is still too high. and we're still investing too little in the things that we need for the economy to grow as fast as it should. that tea w that's why speak eer boehner ani tried to put the country on a path to paying down its debt and putting americans back to work, and education and job training. unfortunately, there just wasn't enough support or time for that kind of large agreement in a lame-duck session of congress. and that failure comes with a cost. as the the messy nature of the process over the past several week has made business more uncertain and consumers less confident. but, we are continuing to chip away at this problem. step by step. last year i signed into law $1.7 trillion in deficit reduction. tonight's agreement further reduces the deficit by raising $620 billion in revenue from the wealthiest households in america. and there will be more deficit reduction as congress decide to what to do about the automatic spending cuts that we have now delayed for two months. i want to make this po
the fact is, the deficit is still too high. and we're still investing too little in the things that we need for the economy to grow as fast as it should. that tea w that's why speak eer boehner ani tried to put the country on a path to paying down its debt and putting americans back to work, and education and job training. unfortunately, there just wasn't enough support or time for that kind of large agreement in a lame-duck session of congress. and that failure comes with a cost. as the the...
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Jul 1, 2013
07/13
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that is the mess we inherited, as well as a record deficit. but it is this government that is providing half a minute extra school laces. -- places. another one. in october 2000 11, he said he wanted to bring forward "every single infrastructure project in the pipeline." how many have been completed? >> let me give him the figures for infrastructure spending. our annual infrastructure investment is 33 billion pounds per year. that is 4 billion more every year than ever achieved under labour. now let me give him the figures for road schemes. we are investing more in major road schemes -- >> the answer from the prime minister must be heard. him fromions to whichever side of the house must be heard. it is very clear. it is very simple. it is called democracy. the prime minister. >> how many of the schemes have been completed? you cannot build a nuclear power station overnight. they had 13 years. they did not build a single one. now let me give him the figures. electrifyingnt is more than 300 miles. perhaps he can tell us how many were electrified
that is the mess we inherited, as well as a record deficit. but it is this government that is providing half a minute extra school laces. -- places. another one. in october 2000 11, he said he wanted to bring forward "every single infrastructure project in the pipeline." how many have been completed? >> let me give him the figures for infrastructure spending. our annual infrastructure investment is 33 billion pounds per year. that is 4 billion more every year than ever achieved...
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Oct 9, 2013
10/13
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CSPAN2
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the highest deficit he ever had was $470 billion. his last year in office -- the year before his last year in office, he was $167 billion. president obama has averaged in his six years -- will have averaged almost $1 trillion a year. $1,000 billion in deficits. we've never, ever, ever come close to that kind of deficits before in the history of the republic. so what does a budget say that says we want to tax people $1 trillion more an spen and spende money under these circumstances? i'll tell you what it says. the american people need to pay attention to this. what it says is, from the president, from our majority here in the senate, it says, it's not our problem; we can't cut -- we can't find anymore ways to reduce the growth of spending; we can't save another dime, you people. you just don't understand. there's no way we can save anymore money. we got a problem, though, and you know who's responsible for it? you are. you, the american people. it's your fault. you won't give us enough money. if you would just send more money, anothe
the highest deficit he ever had was $470 billion. his last year in office -- the year before his last year in office, he was $167 billion. president obama has averaged in his six years -- will have averaged almost $1 trillion a year. $1,000 billion in deficits. we've never, ever, ever come close to that kind of deficits before in the history of the republic. so what does a budget say that says we want to tax people $1 trillion more an spen and spende money under these circumstances? i'll tell...
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Oct 15, 2013
10/13
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the sequester is saving money in the budget deficit is down and part of the mechanism. that is supposed to be a 10 year process. all of my liberal friends voted for it. most of them a year and a half ago. i consider that to be something like just like obamacare. people may think the sequester process is off the table. >> does not sound like you are too crazy about the emerging deal. >> all i know is what you guys know. reforms.no spending just kick the can down the road. does avert any type of crisis on the debt. it is a short-term version because there is no mechanism of overtime and reduce the need to borrow more money. from your you hear constituents? >> there are two camps in my district. one camp is mainly for load workers. furloughed workers. the majority want us to hold the line and get real reform. >> what do you expect to hear tomorrow? >> i hope to hear house republicans will hold the line and insist on what i have just been talking about. >> you do see economic applications? the argumentuy about default because the president and secretary of the treasury have
the sequester is saving money in the budget deficit is down and part of the mechanism. that is supposed to be a 10 year process. all of my liberal friends voted for it. most of them a year and a half ago. i consider that to be something like just like obamacare. people may think the sequester process is off the table. >> does not sound like you are too crazy about the emerging deal. >> all i know is what you guys know. reforms.no spending just kick the can down the road. does avert...
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Mar 19, 2013
03/13
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the simpson-bowles commission set a 10-year deficit reduction goal as the amount of deficit reduction we needed to get our budget under control. the c.b.c. does not endorse the specific recommendations of that goal, but our budget does accept the overall spending limitations the deficit reduction goals. based on most analysis, we have already passed and the president has signed into law approximately $2.4 trillion in deficit reduction through 2022, not including the sequester and to reach the goal, we need an additional $1.6 trillion in deficit reduction. so working off the c.b.o.'s baseline, we first instruct the ways and means committee to enhance receive news by $2.7 trillion over the next 10 years. that is not an extraordinary figure. just a few weeks ago, we passed a $3.9 trillion extension in tax cuts. so going back over that and coming up with $2.7 trillion is within the realm of possibility. we just don't make the number up. we show $4.2 trillion in possible options in coming up with the $2.7 trillion. that would include limiting the deductibility of corporate interest payment
the simpson-bowles commission set a 10-year deficit reduction goal as the amount of deficit reduction we needed to get our budget under control. the c.b.c. does not endorse the specific recommendations of that goal, but our budget does accept the overall spending limitations the deficit reduction goals. based on most analysis, we have already passed and the president has signed into law approximately $2.4 trillion in deficit reduction through 2022, not including the sequester and to reach the...
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Feb 13, 2013
02/13
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deficit duction alone is not an economic plan. (slight applause) a growing economy that creates good middle class jobs, that must be the north star that guides our efforts. ( applause ) every day we should ask ourselves three questions as a nation. how do we attract more jobs to our shores? how do we equip our people with the skills they need to get those jobs? and how do we make sure that hard work leads to a decent living? a year-and-a-half ago i put forward an american jobs act that independent economists said would create more than one million new jobs. and i thank the last congress for passing some of that agenda. i urge this congress to pass the rest. (slight applause) but tonight i'll lay out additional proposals that are fully paid for and fully consistent with the bunk it framework both parties agreed to just 18 months ago. let me repeat. nothing i'm proposing tonight should increase our deficit by a single dime. it is not a bigger government we need but a smarter government that sets priorities and invests in broad-based
deficit duction alone is not an economic plan. (slight applause) a growing economy that creates good middle class jobs, that must be the north star that guides our efforts. ( applause ) every day we should ask ourselves three questions as a nation. how do we attract more jobs to our shores? how do we equip our people with the skills they need to get those jobs? and how do we make sure that hard work leads to a decent living? a year-and-a-half ago i put forward an american jobs act that...
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May 26, 2013
05/13
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MSNBCW
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, the debt, but we also should be equally concerned or more concerned about the infrastructure deficit and the debt that we leave our children. everything from community colleges to highways to public transit to water and sewer systems to broadband. >> well, i look at this story and i know a lot of people are so excited about the irs and benghazi and the justice department. if we are serious about the economy, this is the first thing we can do when it comes to manufacturing, when it comes to jobs, and when it comes to public safety. we've had a big discussion in this country about public safety. this should be proof positive that the republicans, they don't give a dam. they really, really don't. they don't even want to address this problem. and i think it speaks volumes. and it -- it's not going to get fixed with the climate the way it is in washington right now. so what do we do? just turn it over to the states and say it's every state for themselves? >> well, you can't turn it over to the states, because you've got the same problems. the interstate system, that's part of the problem.
, the debt, but we also should be equally concerned or more concerned about the infrastructure deficit and the debt that we leave our children. everything from community colleges to highways to public transit to water and sewer systems to broadband. >> well, i look at this story and i know a lot of people are so excited about the irs and benghazi and the justice department. if we are serious about the economy, this is the first thing we can do when it comes to manufacturing, when it comes...
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Apr 21, 2013
04/13
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it helps reduce the deficit in a balanced thomas sustainable way. theok forward to answering members questions about the budget. first i would really like to cover a few highlights. the affordable care act signed into law in march 2010 is already benefiting millions of americans. make sure we continue to implement a law. by supporting the creation of new health insurance marketplaces, the budget will ensure that starting next january, americans in every state will be able to get quality insurance at an affordable price. our budg also address another issue that has been on all of our minds recently. mental health services and the ongoing epidemic of gun violence. i know mr. chairman that the senate later today will deal with legislation around keeping dangerous individuals from .etting their hands on a gun as a secretary of health and a mother and a new grandmother, i hope that the senate gives serious consideration to that ,ommon sense legislation bipartisan legislation that could make this tragedy seen every day on streets across america less than
it helps reduce the deficit in a balanced thomas sustainable way. theok forward to answering members questions about the budget. first i would really like to cover a few highlights. the affordable care act signed into law in march 2010 is already benefiting millions of americans. make sure we continue to implement a law. by supporting the creation of new health insurance marketplaces, the budget will ensure that starting next january, americans in every state will be able to get quality...
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Mar 25, 2013
03/13
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of the highest deficits in the western world. that would pose a huge risk to the stability of the british economy, threaten a sharp rise in interest rates, and leave the burden of debt to our children and our grandchildren. withl not take that gamble the future of this country, especially when those representations came from the very same people whose previous candle w have the economy led te mess we are cleaning up in the first place. , theeputy speaker spending reductions we promised have been more than delivered. welfare reforms have been legislated for and are taking place. here is a clear sign of progress -- the proportion of national income spent by the state has fallen from 47 point four percent three years ago to 43.6% toay, and it is on course reach 40.5% at the end of the period. we set out our deficit plan and are delivering that plan. taking together, the measures i will announce today are fiscally neutral overall. ask the british people and they will tell you, our problem is a country is not the way -- not that we ar
of the highest deficits in the western world. that would pose a huge risk to the stability of the british economy, threaten a sharp rise in interest rates, and leave the burden of debt to our children and our grandchildren. withl not take that gamble the future of this country, especially when those representations came from the very same people whose previous candle w have the economy led te mess we are cleaning up in the first place. , theeputy speaker spending reductions we promised have...
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Feb 13, 2013
02/13
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trillion dollar deficits hurt us all. printing more money to feed the never ending appetite for spending and it hurts us all to read we pay higher prices every time we go to the supermarket or to the gas pump. the value of the dollar shrinks with each new day. contrary to what the president claims, big government and dbet are not a friend to the -- debt are not a friend to the elderly. it zaps the savings of the elderly. it destroys savings. big government makes it more expensive to put food on the table. the government is not your friend. the president offers you free stuff but his policies keep you poor. under president obama, the ranks of america's poor have swelled to almost 1 in 6 people. we are at all-time high in long term employment. -- in long-term unemployment. the cycle must be broken. the willpower to do this will not come from congress. it must come from the american people. next month i will propose a five year balanced budget that last year was endorsed by taxpayer groups across the country for its boldness
trillion dollar deficits hurt us all. printing more money to feed the never ending appetite for spending and it hurts us all to read we pay higher prices every time we go to the supermarket or to the gas pump. the value of the dollar shrinks with each new day. contrary to what the president claims, big government and dbet are not a friend to the -- debt are not a friend to the elderly. it zaps the savings of the elderly. it destroys savings. big government makes it more expensive to put food on...
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Oct 9, 2013
10/13
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as well, what we haven't taken a look at, there have been reductions in our deficit actually over the last four years that this is a really tough economy as well. i want to balanced approach. democrats proposed a balanced approach. i think that we can get there in the way you get there, you get democrats and republicans around the table to negotiate these things out and to move forward. people talk about the contribution of entitlement programs, i heard your prior guest talking about that to our debt and our deficits. i would say, for example, like on social security, why not list the cap on social security. why is it member of congress making $470,000 a year, i don't pay social security tax on all my income. why is it somebody who's a multimillionaire and billionaire doesn't pay social on 100% or significant portion of their income. it would reduce the obligation for future generations and its a really common sense solution. it's not razeeing -- raising the age of retirement. getting new people in the economy and paying on all of our income. that's a common sense solution but we can'
as well, what we haven't taken a look at, there have been reductions in our deficit actually over the last four years that this is a really tough economy as well. i want to balanced approach. democrats proposed a balanced approach. i think that we can get there in the way you get there, you get democrats and republicans around the table to negotiate these things out and to move forward. people talk about the contribution of entitlement programs, i heard your prior guest talking about that to...